Starting from the 17:55 dispatch interval this evening, we have seen a rare occurrence of prices spiking >$1,000/MWh in all five NEM regions simultaneously. Outside of the 2022 energy crisis, this has seldom occured in (at least) the recent history of the NEM.
As time permits, we will endeavour to take a closer look into the market conditions that led to these price outcomes.
Dan is a Market Analyst, who joined Global-Roam in June 2013.
He departed (and returned) for a couple of brief stints overseas, before rejoining the team permanently in late 2019. Alongside his work at Global-Roam, he has undertaken short-term contract roles as an analyst and researcher in various areas of the energy sector. Dan graduated from the Master of Sustainable Energy program at the University of Queensland in 2024.
Reaching for the same NEMreview query we’ve used a few times in 2024 Q2, we take a look at how futures prices have traded in NSW, following the announcement of agreement to extend the service life at Eraring Power Station.
Sunday 18th August 2024 sees Queensland reach a new ‘lowest’ point for ‘Market Demand’ … not quite 8 months after it saw a ‘highest ever’ point for ‘Market Demand’. Stretched at both ends, and a clear indication of the challenges of this energy transition.
2 Commentson "Rare NEM-wide price spikes on Monday July 29th 2024"
Blocking high causing a significant downturn in wind production.
Callide C3 is apparently offline as well for another month.
Businesses in general are at a 25yr high for bankruptcy/insolvency. Nothing to see here folks.